Skye Credit Cards

Skye is a division of financial services company Flexigroup Limited. It specialises in providing a credit card where long-term interest-free instalment plans are available for major purchases.

Skye is a division of FlexiGroup Limited, a diversified financial services group which issues credit cards under the Skye, Lombard, Q Card and Once brands, as well as offering payment plans and consumer and commercial leasing.

Formed in 1988, with Harvey Norman as one of its first partner businesses, FlexiGroup operates in Australia, New Zealand and Ireland, and is among the top 200 ASX-listed companies.

Skye Mastercard

Currently, Skye’s only product is the Skye Mastercard. It differs from a standard credit card in offering an interest-free period of up to 90 days for all purchases, plus interest-free periods of 9, 12, and 15 months or longer for individual purchases of $250 or more, without the requirement to make even minimum repayments until the interest-free period has finished.

A small credit establishment fee (currently between 3% and 5% of the purchase amount) is payable on instalment plans for the 9, 12, 15 months and upwards interest-free periods.

No foreign transaction fees

Since it does not charge the typical 2-3.5% foreign transaction fee levied by most credit cards, when coupled with the long interest free periods this card is likely to appeal to young Australians planning an extended overseas trip or overseas gap year.

Very high interest rates on overdue balances and cash advances

If you can’t repay your purchase balance after 90 days, or after the longer interest-free period you’ve arranged via an instalment plan, you’ll start paying interest at a very high rate, typically 2-3 percentage points higher than the highest rates on ‘normal’ credit cards.

And if you were offered a special promotional interest rate for a particular purchase, you’ll end up paying interest at 4-5 percentage points higher than a normal credit card’s high rate if you can’t repay in full during the agreed promotional period.

Cash advances taken from the card will always attract interest at this last extremely high rate, charged from the date of the cash advance transaction until the advance is repaid in full.

No rewards points or complimentary benefits

The Skye Mastercard focuses on offering long interest-free periods on purchases, so there are no rewards points or complimentary benefits attached.

Motion Code technology

The Skye Mastercard claims to be the first credit card in Australia with Motion Code technology. Instead of a static 3-digit security code (CVV) on the reverse of the card, you’ll find a mini-screen with a CVV which refreshes every hour to a new number. This is said to result in safer online transactions.

Online access

Skye and FlexiGroup don’t have retail branches, but credit cards can be managed via online banking.

Apple Pay

The Skye Mastercard is compatible with Apple Pay, so you can leave your card at home and pay with your iPhone.

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Q&As about the

Q: What is Skye?

Skye is a division of FlexiGroup Limited, an ASX-listed diversified financial services group which issues credit cards under the Skye, Lombard, Q Card and Once brands, as well as offering payment plans and consumer and commercial leasing.

Q: What kind of credit cards does Skye offer?

Currently, Skye offers only one card, the Skye Mastercard. It differs from a standard credit card in offering an interest-free period of up to 90 days for all purchases, plus interest-free periods of 9, 12, and 15 months or longer for individual purchases of $250 or more, without the requirement to make even minimum repayments until the interest-free period has finished.

Q: Does the Skye Mastercard charge foreign transaction fees?

No.

Q: What are the Skye Mastercard’s interest rates?

Once the interest-free periods or promotional interest rate periods have expired, the interest rate applied to any unpaid balance is extremely high, much higher than even a high interest rate on a standard credit card. This very high interest rate also apples to cash advances.

Q: Does the Skye Mastercard offer rewards points or complimentary benefits such as travel insurance?

No. The card’s focus is on long interest-free periods, so there are no rewards points or complimentary benefits on offer.

Q: What is Motion Code technology?

Instead of a static 3-digit security code (CVV) on the reverse of the card, you’ll find a mini-screen with a CVV which refreshes every hour to a new number. This is said to result in safer online transactions.

Q: Do Skye or FlexiGroup have branches for over-the-counter transactions?

No. But you can manage your Skye Mastercard via online banking

Q: Can I manage my Skye Mastercard via online banking?

Yes.

Q: Is the Skye Mastercard compatible with Apple Pay?

Yes.

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